55054 Property Tax Rate

Property owners in ZIP code 55054 (Elko New Market, Minnesota) pay a median of $4,292/year in property taxes on homes valued at $399,300. This translates to an effective tax rate of 1.07%, which is 12% above the Minnesota state average of 0.96%.

The monthly property tax burden for a median-valued home in 55054 is approximately $358, which factors into escrow payments on mortgages. This ZIP code is located within Scott County. This is $1,986 more than the Minnesota average of $2,306/year.

Compared to similar ZIP codes in Minnesota, 55054 has lower property taxes. ZIP codes with similar effective rates include 56311 (1.07%) and 55420 (1.08%).

In Elko New Market, property taxes represent approximately 2.8% of the median household income of $151,845, providing context for the relative tax burden on homeowners in this area.

Minnesota's homestead classification reduces your taxable market value and applies a lower tax class rate to primary residences — register this status with the Scott County Assessor before your first tax bill to avoid paying the higher non-homestead rate. The Homestead Credit, an income-based refund program, reduces your tax liability for qualifying households and is claimed on your state income tax return. File your homestead application with the Scott County Assessor's office within 30 days of closing to lock in the lower residential tax classification.